According to this report, the Solid Oxide Fuel Cell market accounted for $389.21 million in 2017 and is expected to reach $1356.51 million by 2026 growing at a CAGR of 14.9%.

Factors that are driving the market include rising demand for energy efficient power generation, increasing private-public partnerships, biomass utilization and variety of fuels. However, risks associated with investment in hydrogen refuelling stations and high capital costs are hampering the market growth. In addition, integration technologies are providing growth opportunities for the market.

Amongst application, stationary segment is anticipated to grow at a considerable market share due to growing adoption of fuel cells in automobiles, marine and trucks. Furthermore, huge scale of projects to power homes with solid oxide fuel cells is also fuelling the market.

By geography, North America is expected to lead the global market and will continue to lead the SOFC market throughout the forecasted period due to increasing demand for efficient power generation and government subsidies.